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SKYY vs. RCAT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SKYY vs. RCAT

Last updated Jun 13, 2026

SKYY (First Trust ISE Cloud Computing Index Fund) is Technology Equities fund tracking the ISE Cloud Computing Index, while RCAT (Red Cat Holdings, Inc.) is a stock. Over the past 5 years, SKYY returned 5.69%/yr vs 26.88%/yr for RCAT. At a 0.17 correlation, their price movements are largely independent.

Performance

SKYY vs. RCAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust ISE Cloud Computing Index Fund (SKYY) and Red Cat Holdings, Inc. (RCAT). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SKYY achieves a 3.03% return, which is significantly lower than RCAT's 40.98% return.

SKYY

1D
0.18%
1M
6.69%
YTD
3.03%
6M
1.79%
1Y
13.95%
3Y*
20.38%
5Y*
5.69%
10Y*
16.26%

RCAT

1D
-6.91%
1M
18.94%
YTD
40.98%
6M
39.05%
1Y
27.77%
3Y*
131.59%
5Y*
26.88%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

SKYY vs. RCAT - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SKYY
First Trust ISE Cloud Computing Index Fund		3.03%9.20%35.87%52.18%-44.68%10.62%57.77%25.25%6.01%10.59%
RCAT
Red Cat Holdings, Inc.		40.98%-38.29%1,360.23%-6.38%-54.81%-30.67%172.73%73,233.33%-94.74%-28.57%

Correlation

The correlation between SKYY and RCAT is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.30

Correlation (3Y)
Calculated over the trailing 3-year period

0.25

Correlation (5Y)
Calculated over the trailing 5-year period

0.26

Correlation (All Time)
Calculated using the full available price history since Sep 22, 2017

0.17

The correlation between SKYY and RCAT shifts across timeframes, from 0.17 (all time) to 0.30 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

First Trust ISE Cloud Computing Index Fund

Red Cat Holdings, Inc.

Often compared with SKYY:
SKYY vs. CLOUSKYY vs. WCLDSKYY vs. FCLDSKYY vs. CIBRSKYY vs. QQQSKYY vs. IVESSKYY vs. VOO
Often compared with RCAT:
RCAT vs. ONDSRCAT vs. AVAVRCAT vs. UMACRCAT vs. RGTIRCAT vs. DPRORCAT vs. UAVSRCAT vs. KROS

Return for Risk

SKYY vs. RCAT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SKYY
SKYY Risk / Return Rank: 1717
Overall Rank
SKYY Sharpe Ratio Rank: 1818
Sharpe Ratio Rank
SKYY Sortino Ratio Rank: 1919
Sortino Ratio Rank
SKYY Omega Ratio Rank: 1818
Omega Ratio Rank
SKYY Calmar Ratio Rank: 1616
Calmar Ratio Rank
SKYY Martin Ratio Rank: 1515
Martin Ratio Rank
RCAT
RCAT Risk / Return Rank: 5656
Overall Rank
RCAT Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
RCAT Sortino Ratio Rank: 6363
Sortino Ratio Rank
RCAT Omega Ratio Rank: 5858
Omega Ratio Rank
RCAT Calmar Ratio Rank: 5454
Calmar Ratio Rank
RCAT Martin Ratio Rank: 5353
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SKYY vs. RCAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust ISE Cloud Computing Index Fund (SKYY) and Red Cat Holdings, Inc. (RCAT). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

SKYYRCATDifference
Sharpe ratioReturn per unit of total volatility
0.49
0.23

+0.26

Sortino ratioReturn per unit of downside risk
0.89
1.28

-0.39

Omega ratioGain probability vs. loss probability

1.11

1.14

-0.04

Calmar ratioReturn relative to maximum drawdown

0.51

0.46

+0.05

Martin ratioReturn relative to average drawdown

1.13

0.92

+0.21

SKYY vs. RCAT - Sharpe Ratio Comparison

The current SKYY Sharpe Ratio is 0.49, which is higher than the RCAT Sharpe Ratio of 0.23. The chart below compares the historical Sharpe Ratios of SKYY and RCAT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

SKYY vs. RCAT - Drawdown Comparison

The maximum SKYY drawdown since its inception was -53.20%, smaller than the maximum RCAT drawdown of -99.21%. Use the drawdown chart below to compare losses from any high point for SKYY and RCAT.

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Drawdown Indicators

SKYYRCATDifference

Max Drawdown

Largest peak-to-trough decline

-53.20%

-99.21%

+46.01%

Max Drawdown (1Y)

Largest decline over 1 year

-27.39%

-60.08%

+32.69%

Max Drawdown (3Y)

Largest decline over 3 years

-31.80%

-67.16%

+35.36%

Max Drawdown (5Y)

Largest decline over 5 years

-53.20%

-92.25%

+39.05%

Max Drawdown (10Y)

Largest decline over 10 years

-53.20%

—

—

Current Drawdown

Current decline from peak

-13.63%

-35.60%

+21.97%

Average Drawdown

Average peak-to-trough decline

-10.90%

-65.98%

+55.08%

Ulcer Index

Depth and duration of drawdowns from previous peaks

12.34%

30.17%

-17.83%

Volatility

SKYY vs. RCAT - Volatility Comparison

The current volatility for First Trust ISE Cloud Computing Index Fund (SKYY) is 13.09%, while Red Cat Holdings, Inc. (RCAT) has a volatility of 40.71%. This indicates that SKYY experiences smaller price fluctuations and is considered to be less risky than RCAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SKYYRCATDifference

Volatility (1M)

Calculated over the trailing 1-month period

13.09%

40.71%

-27.62%

Volatility (6M)

Calculated over the trailing 6-month period

23.88%

85.22%

-61.34%

Volatility (1Y)

Calculated over the trailing 1-year period

28.45%

120.36%

-91.91%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

30.67%

115.04%

-84.37%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

26.90%

29,209.75%

-29,182.85%

Dividends

SKYY vs. RCAT - Dividend Comparison

Neither SKYY nor RCAT has paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
RCAT
Red Cat Holdings, Inc.		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
SKYY
First Trust ISE Cloud Computing Index Fund		0.00%0.00%0.00%0.00%0.23%0.78%0.17%0.54%0.37%0.27%0.35%0.41%

Frequently Asked Questions

SKYY and RCAT have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

RCAT has higher volatility (40.71%) compared to SKYY (13.09%). In terms of maximum drawdown, SKYY dropped -53.20% vs RCAT's -99.21%.

SKYY currently has the higher Sharpe Ratio (0.49 vs 0.23), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

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